HBLB ups forecast for UK betting levy

The Horserace Betting Levy Board forecasts £99m for the last financial year.

UK.- The Horserace Betting Levy Board has forecast that revenue from Britain’s horseracing betting levy for the 12 months ending March 31 reached £99m. That would be the highest on record.

If confirmed, the total will beat the body’s expectation of between £90m and £95m. The total will also be 2.1 per cent higher than the £97m generated in the 2021 – 2022 financial year.

The HBLB said that most bookmakers that pay the levy had made their submissions for the year. It said that higher margins had made up for a drop in turnover in February and March.

HBLB chairman Paul Darling said: “The board will be making decisions on prize money for the September to December period at its meeting next month and this likely outturn provides additional clarity in coming to those decisions.

“Although overall yield looks to be similar to or slightly up on last year, total turnover and race-by-race turnover are down overall and were consistently down from July to the end of the levy year. The board will need to consider carefully what assumptions to make about future yield given this trend.”

Darling noted that bookmakers’ estimates for the new financial year are lower.

See also: RMG to pass £117.6m to racecourses amid challenges to betting turnover